SAN JOSE, Calif.--(BUSINESS WIRE)-- Sunrise Telecom Incorporated (OTC:SRTI) announced today that the proxy statement for its 2013 Annual Meeting of Stockholders will be mailed out to stockholders on Friday, June 14, 2013. The proxy statement is also available on the Company’s website at www.sunrisetelecom.com/investors/. As previously announced, stockholders are being asked, among other matters, to vote on the planned sale of substantially all of the operating assets of Sunrise Telecom to VeEX Inc. The proxy statement provides additional details regarding the sale.

In addition, Sunrise also announced today that following the anticipated close of the sale of the Company’s assets to VeEX, the Company intends to sell or otherwise monetize its remaining assets in an orderly manner, pay or make arrangements for payment of its liabilities and expenses, close its worldwide legal entities, and distribute the net proceeds of its asset sales to its stockholders. However, no determination has been made by the Board in regards to the means by which proceeds will be distributed to its stockholders. The final distribution values are still to be determined based on a variety of factors, including the satisfaction of lease and other facility obligations, employee severance and other employee related obligations, legal and professional services fees, wind-down costs and other related expenses. The company estimates the range of values for the distribution to stockholders will be between $0.17 and $0.23 per share in the next six to eighteen months.

The Company has also released unaudited first quarter 2013 financials as stated below:

Sunrise Telecom reports financial information in accordance with generally accepted accounting principles (GAAP). Management utilizes EBITDA as a supplemental performance measure because it believes that EBITDA, while it is a non-GAAP financial measure, is a useful measure of the Company's performance because it excludes charges that may obscure the Company's operating results. Management uses EBITDA to manage and assess the profitability of the Company’s business.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933, including, but not limited to, statements regarding monetization of the Company’s assets and expected distributions to stockholders. Forward-looking statements often include words such as "outlook," "projected," "intends," "will," "anticipate," "believe," "target," "expect," and other statements in the future tense. These forward-looking statements are subject to many risks and uncertainties that could cause actual results to differ materially from those projected. Specific factors that may cause results to differ include the following: our announced financial results have not yet been reviewed or audited; disruptions in our business and bookings expectations as a result of the planned sale to VeEX and the planned closing of our worldwide entities; the timing and execution of our cost reduction efforts; results of employee management issues and negotiations with works councils and employee representatives; the amount of professional fees and other costs incurred in connection with monetizing our remaining assets; and the provisions we choose to make to provide for contingent liabilities. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. Sunrise Telecom assumes no obligation to update the forward-looking statements included in this press release.

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